Treasurer’ Report: St. Philip’s
In The Hills Episcopal Church:
As we experience this volatile and uncertain economy, we look back at a financially sound and successful year and look forward to a financially ambitious 2008 budget, noteworthy for improving our program funding and recognizing the costs of maintaining our Church campus.
In round numbers, St. Philip’s in 2007 budgeted $1,400,000 of income and $1,600,000 of expense, with the $200,000 difference to come from our reserves, our “Budget Support” investment account. At the beginning of 2007 our Budget Support fund balance was approximately $750,000.
Due largely to bequests and generous plate giving, our 2007 income was almost $100,000 above the amount budgeted, while the Church held the line on expenses, essentially as budgeted.
This extra income, plus frugal bank account management, allowed us to finish 2007 without drawing on any of our invested reserves. As a result, at year-end 2007 our Budget Support investment account was almost $840,000.
[Note: By Episcopal Church canon, parish financials must be audited, and some adjustments to the numbers presented are to be expected in the final 2007 audit.]
In preparing the 2008 budget, efforts were made to restore financial support to the various programs and ministries that are St. Philip’s, to support our mission to our parishioners and our community.
The 2008 budget anticipates $1,500,000 of income, roughly equivalent to 2007 actual income, and $1,770,000 of expense. The $270,000 difference is to come from our reserves, our $840,000 Budget Support investment fund. We are hopeful, of course, that our Church will grow in membership as we focus on mission, and that our old and new members will pledge generously to support St. Philip’s programs and ministries.
At present we have received 619 pledges totaling $1,116,000, for an average pledge amount of $1,800. Unfortunately, a significant number of parishioners that attend St. Philip’s have not pledged. We continue to receive pledges and hope that the 2008 total will exceed the budgeted $1,175,000.
St. Philip’s uses Chase Bank for our checking account and Mellon Bank to invest our reserves and restricted funds. [Note: Preservation and Endowment Board funds are administered and invested separately, and are not included in these totals.] At year end 2007 the total invested with Mellon was $1,855,000, of which approximately $1,015,000 was donor restricted funds (columbarium, music, outreach, etc.) and $840,000 was available for operating Budget Support, at the discretion of the Vestry.
Respectfully submitted,
Jim Prescott-Smith, Treasurer